March Smashes Records: Chainflip’s Best Month
March wasn't just another month, it was our best month ever at Chainflip! It's been a crazy month in crypto, with Studio Ghibli memes flooding the timeline, countless hacks, exploits, and big announcements stealing everyone's attention, but while all that chaos unfolded, we kept our heads down and continued to ship and deliver.
The results speak for themselves: we crushed previous milestones and delivered numbers that rivalled leading bridges. With total swap volume racing toward an impressive $2 billion, we've almost hit our second billion in just four months, blowing away the nearly 12 months it took us to reach the first.
Record-Breaking Monthly Swap Volume
This March, we set a new high-water mark with a massive $316.3 million in swap volume, making it our busiest month yet. To put this growth into perspective, March 2024 saw only $48 million, an amount we're now handling effortlessly within days.
The integration of our routes through Rango into Trust Wallet has been a significant driver, introducing Chainflip to their wider community, especially those interested in swapping native BTC and SOL. Not only that, but Swapkit/THORSwap continue to deliver on large swaps from their loyal partner and user base. We remain the only protocol that can seamlessly handle BTC, SOL and ETH swaps at scale, and clearly, users love it.
To view live protocol stats, head on over to our newly refreshed app here.
Bitcoin Still Reigns Supreme
Bitcoin swaps continue to dominate our volumes, proving Chainflip as the go-to solution for fast, reliable, large-scale BTC transactions. About 60% of our BTC volume comes from Boosted BTC swaps, where users gladly pay a small premium (5 bps) for exceptional speed and efficiency.
Here are a few standout BTC swaps from March showcasing what makes Chainflip special:
More Swaps Than Ever Before
Not only did we smash volume records, but we also reached an all-time high in swap count, nearly hitting 30,000 swaps in March alone. This surge is mainly thanks to integrations with Rango and Trust Wallet, platforms that cater perfectly to both user groups, those making smaller transactions, or those making large transactions. The addition of SOL swaps in Trust Wallet has further boosted these numbers, proving we can meet the diverse needs of our growing user base.
Integrators Killing It in March
Our integrators had an outstanding month as well. Here's how our top partners performed:
These integrators benefit directly from our "your fees, your rules" model, giving them complete flexibility to customize their fee structures while offering competitive prices.
FLIP Approaching Deflationary Status
A huge highlight in March was that our FLIP token came incredibly close to becoming deflationary. Throughout the month, we burned 312.7K FLIP tokens compared to 357.8K tokens emitted. This was the closest we've ever come to achieving net deflation, indicating the increasing demand and positive economic dynamics of the FLIP token.
As our swap volume continues to rise, we anticipate achieving sustainable deflation soon, further strengthening FLIP's value, utility and introducing buy pressure.
If you would like to track the overall burn, our loyal community member Noel has built one out, which you can track here!
Wrapping Up an Incredible Month
March was genuinely extraordinary. Despite challenges and the extensive integrations required, we're committed to delivering outstanding swap experiences for Bitcoin, Solana, and beyond.
Thanks to everyone who swapped with us in March, we can't wait to see what April has in store! If you haven't yet tried a swap with us yet, head on over to our swapping app!
